Banga bags a bonanza @Mastercard

Ajaypal Banga, Asia-Pacific CEO of crisis-ridden behemoth Citigroup, will get a package of about Rs 90 crore as the new second-in-command at payment services firm MasterCard--an offer that could be billed as the biggest package in the current state of the global economy.

Ajaypal Banga, Asia-Pacific CEO of crisis-ridden behemoth Citigroup, will get a package of about Rs 90 crore as the new second-in-command at payment services firm MasterCard--an offer that could be billed as the biggest package in the current state of the global economy.

Banga will join MasterCard as president and Chief Operating Officer on August 31 and could possibly become CEO of the global financial services giant in a year.

As per his employment contract with MasterCard, Banga will be paid around $2.15 million (about Rs 10 crore) in salary and other allowances every year and would also get a one time benefit totalling about $15.9 million (about Rs 80 crore) including a sign-on bonus of about $4.2 million.

The package, which includes over $11 million to be paid through stocks and remainder in cash, makes Banga the highest-paid banker after American Express CEO Kenneth Chenault and Citi chief Vikram Pandit as per the disclosed remuneration paid to the two in the year 2008.

For 2008, Chenault's total compensation amounted to $42.8 million, while Citi's Vikram Pandit received pay packet of $38.2 million. However, the package for both Pandit and Chenault could come down in 2009, which could make Banga the highest paid banker.